SSG Advises, Prime Healthcare Acquires LBH
SSG Capital Advisors acted as the exclusive investment banker to Lower Bucks Hospital (LBH) in the sale of substantially all of its and certain of its affiliates’ assets to Prime Healthcare Services. The sale closed in October 2012.
LBH is a community hospital located in Bristol, PA that emerged from a two-year bankruptcy in early 2012.
SSG was re-retained in May 2012 as the hospital’s exclusive investment banker for the purpose of running an expedited sale process to a list of acquirers. SSG and management identified Prime as a potential buyer, due to its experience in purchasing distressed hospitals and its recent acquisition of Roxborough Memorial Hospital in Philadelphia earlier this year.
Prime’s acquisition of LBH included the assumption of the hospital’s liabilities, Prime’s agreement to hire substantially all of the employees, maintain its union contracts and invest approximately $10 million in the facility within a two year period. The sale of LBH as a not-for-profit hospital to Prime, a for-profit buyer, was subject to the approval of the Bucks County Orphans Court prior to closing.
Other professionals who worked on the transaction include:
SSG Capital Advisors is an independent investment bank that assists middle-market companies in completing special situation transactions.